Michael is an accountant who works as a teacher on weekends. Here is his income from W-2 and 1099 forms: wages from accountant job $74,280 wages from teaching $12,100, intrest $740, dividends $410, and royalties $980. What is Michael's total income?
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Michael is an accountant who works as a teacher on weekends. Here is his income from W-2 and 1099 forms: wages from accountant job $74,280 wages from teaching $12,100, intrest $740, dividends $410, and royalties $980. What is Michael's total income?
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- Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $6,060. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes Interest on home mortgage Operating expenses of home $ 1,830 5,445 915 1,738 Depreciation Also, assume that, not counting the sole proprietorship, Rita's AGI is $64,600. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $16,150 in gross income. (Leave no answer blank. Enter zero if applicable.) d. Given the original facts, what types and amounts of expenses will she carry…Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,720. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,660 Interest on home mortgage 5,190 Operating expenses of home 830 Depreciation 1,636 Also, assume that, not counting the sole proprietorship, Rita's AGI is $61,200. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita's consulting business generated $15,300 in gross income. Note: Leave no answer blank. Enter zero if applicable. Required: What is Rita's home office deduction for the current…Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $38,200. How much Social Security taxes must he pay this year?
- Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,600 Interest on home mortgage 5,100 Operating expenses of home 800 Depreciation 1,600 Also, assume that, not counting the sole proprietorship, Rita's AGI is $60,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita’s consulting business generated $13,000 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense…Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low income rebate? a. $1,200 b. $600 c. Nil d. $445Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,600 Interest on home mortgage 5,100 Operating expenses of home 800 Depreciation 1,600 Also, assume that, not counting the sole proprietorship, Rita's AGI is $60,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home.Assume Rita’s consulting business generated $15,000 in gross income. (Leave no answer blank. Enter zero if applicable.) a. What is Rita’s home office deduction for the current…
- Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,600 Interest on home mortgage 5,100 Operating expenses of home 800 Depreciation 1,600 Also, assume that, not counting the sole proprietorship, Rita's AGI is $60,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita’s consulting business generated $13,000 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense…Rita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,600. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,600 Interest on home mortgage 5,100 Operating expenses of home 800 Depreciation 1,600 Also, assume that, not counting the sole proprietorship, Rita's AGI is $60,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita’s consulting business generated $13,000 in gross income for the current year. Further, assume Rita uses the actual expense method for computing her home office expense…Jill is self-employed in the commercial plant care business. The business earned $120,000 in revenue and has $36,000 in business expenses. How much does Jill owe in FICA taxes? Select answer from the options below $11,868.82. $16,955.46. $12,852.00. $18,360.00.
- Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at $36,600. How much Social Security and Medicare must he pay (in $) this year? Social Security$ Medicare$R ita owns a sole proprietorship in which she works as a management consultant. She maintains an office in her home (500 square feet) where she meets with clients, prepares bills, and performs other work-related tasks. Her business expenses, other than home office expenses, total $5,800. The following home-related expenses have been allocated to her home office under the actual expense method for calculating home office expenses. Real property taxes $ 1,700 Interest on home mortgage 5,250 Operating expenses of home 850 Depreciation 1,660 Also, assume that, not counting the sole proprietorship, Rita’s AGI is $62,000. Rita itemizes deductions, and her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to business use of the home. Assume Rita’s consulting business generated $15,500 in gross income. What is Rita’s home office deduction for the current year? What would Rita’s home office…Maria Clara Santos works is an accountant with her own accounting firm as well asteaching full time in a university. She earns an annual income of 2,679,000 fromthe operation of her firm. She is married with 4 children all minors. She alsoreceives income of 58,900 per month in the university. She receives 13 th and 14 thmonth pay, and other benefits amounting to 246,099 (excluding 13 th and 14 th monthpay). Compute for her annual tax return.